How To Transfer Money To Thailand and Back Easily

This article is going to be about how to send and receive money from Thailand. Knowing how to transfer money internationally is a must. Whether it be for travel, business, schooling, or sending to family, knowing how to send and receive money efficiently is a must. I’ll cover how to send and receive money in a safe, fast, and efficient way.

Introduction

Modern remittance applications, digital wallets, and internet banking systems have made sending and receiving money from Thailand very simple and convenient.

No matter whether you need to support family members, pay for travel, manage business transactions, or send money abroad as an expatriate, choosing the optimal method for moving money will save you time and money in fees.

This tutorial focuses on banks, fintech companies, mobile wallets, and even cryptocurrencies in order to explain the most effective and easy methods to move money to Thailand (and back).

How To Transfer Money To Thailand

Guide To Sending Money To Thailand Using Wise

Register For Wise

• Create a Wise account on their website or mobile app. You need to supply an email address or link a Google/Apple account.
• If asked, verify your identity.

Click On Send Money

Select the currency from which you will be sending from, and THB (Thai Baht) will be the receiving currency.

Write The Exact Amount

• Indicate the amount you wish to send.
• Wise will clearly indicate the fees, exchange rate, and delivery times before you continue.

Provide Details Of The Recipient

• Indicate “Someone else” or “Myself”.
• The recipient needs to have the following:
• Full name
• Name of the Thai bank
• 10-digit account number of the Thai bank

Select The Payment Method

• Different countries will have different options. You might have any of the following:
• Bank transfer
• Debit or credit card
• ACH transfer
• There are usually lower fees with bank transfers.

Final Review and Acknowledge Transfer

• Make sure to double-check all information.
• Acknowledge the transfer to secure the exchange rate.

Finish The Payment

You are to use the preferred payment method to pay Wise. Just follow the instructions on the screen.

Wise Execute the Transfer

Using the mid-market exchange rate, Wise processes the transfer at a margin of zero.At the most, transfers take a couple of hours, and at the quickest, they take a few minutes.

Receive Updates

You can obtain email or app updates indicating that the transfer has been completed and processed.

Key Factors To Consider Before Transferring Money Internationally

Exchange rates (mid-market vs bank rates)

Over the bank rates, compare the bank’s rate with the competitors since they add hidden costs more than the bank.

Transfer fees (fixed + percentage)

All transfer fees, including the fixed and percentage fees, should be checked as they can significantly affect the total amount.

Transfer speed

Some services can transfer funds within minutes, but traditional services like bank transfers can take several business days.

Transfer limits

Some providers have daily and monthly limits, meaning payments above that may not go through without additional verification.

Convenience and customer support

Make sure the providers, customer support, and apps are easy to use to help you with problems without a delay.

Safety & regulation (Bank of Thailand, FCA, etc.)

Make sure to use a company that is licensed and regulated to ensure safe transfer practices as per the Bank of Thailand.

Best Services to Transfer Money To & From Thailand

1. Remitly

At Remitly there are low fees for international transfers and the customers have an option to do an express transfer where its instant and cheaper, but they will have to wait 3-5 days.

There are a variety of currencies supported and the transfers can be sent to Thailand or any other country bank accounts with cash, mobile wallets, and other forms of digital wallets.

There are also large transfer verifications. It is also best to do personal remittances due to low fees and price competitiveness, which many people want.

2. Western Union

Western Union is known for its rapid international remittance services. Customers can send and receive money via cash pickups or bank account transfers. Customers can expect high fees associated with remittances via credit cards or instant bank deposits.

Also, fees associated with international bank transfers with Western Union may also be high depending on the bank. Generally, cash transfers take a couple of minutes while international bank transfers may take 1-2 days to process.

Western Union works with many currencies allowing customers to quickly send remittances to any country in the world. However, Western Union is often used for emergency transfers, to send cash to individuals in Thailand in case they do not have access to a bank account.

3. DeeMoney

DeeMoney is a remittance service located in Thailand with a good reputation for low fees and fast cash transfers/ remittances across the globe. From available data, on the amounts DeeMoney offers flat-rate pricing on the majority of available bank account destinations making fees highly predictable. Transfers deposits can be made the same or the next business day, depending on the destination country.

It is available for a reasonable number of accounts, shifts in currencies primarily be from the more commonly accepted cash transfer to the border accounts. Access is primarily available for remittance senders from Thailand and requires the completion of a know your customer verification process.

This service is highly recommended for individuals with a combination of a work permit, visa, or a valid Thailand immigration stamp are able to send funds abroad.

Tips to Get the Best Exchange Rate & Lowest Fees

Avoiding airport exchanges and in-person bank transfers: Avoid exchanges with banks and airports for their high fees.

Sending money during favorable FX periods: Send money during favorable periods and monitor currency exchange.

Using mid-market-rate providers: Select providers that use mid-market rates to avoid currency loss.

Splitting large transfers: Divide large transfers to mitigate fees and control exchange rates.

Checking fees before confirming: Always check transfer fees in advance before confirming the transfer.

Common Problems & How To Avoid Them

Delays due to compliance checks Transfer delays due to compliance checks, submit documents in advance.

Incorrect Thai bank details Transfers will fail if account name and number are incorrect.

High receiving fees Select a low-fee provider to decrease receiving fees charged.

Transfer cancellations Transfers will be cancelled if any details are incorrect.

Daily or monthly limits Provider limits must be verified to prevent delays or blocks.

Conclsuion

In conclusion, moving money to and from Thailand is easy if you select the best methods. Determine if you will use banks, remittance apps, mobile wallets, or crypto exchanges, and consider the fees, exchange rates, and transfer speeds.

Wise, Remitly, and DeeMoney are modern platforms that transfer money even faster and cheaper than banks, making them ideal for shift money to and from Thailand. With the right knowledge, you will be able to transfer funds safe, quickly, and at little cost.

FAQ